Ronnie Leten comments on Atlas Copco’s Q3 results
October 25, 2013
Stockholm, Sweden, October 25, 2013: Atlas Copco, a leading supplier of industrial sustainable productivity solutions, today reported healthy profitability despite lower revenues for mining equipment. Near-term demand is expected to remain at the current level.
Year-on-year, orders received in the third quarter decreased 6% organically to MSEK 19 433 while revenues were down 4% organically to MSEK 20 552. The operating profit was mainly affected by lower mining equipment volumes and currency changes, and reached MSEK 4 212 (4 925), corresponding to a margin of 20.5% (22.3).
“Demand for industrial equipment was healthy, and the service business continued to develop well,” said Ronnie Leten, President and CEO of the Atlas Copco Group. “Mining equipment demand remained weak.”
Atlas Copco has decided to expand into process vacuum solutions by acquiring Edwards Group Ltd., a U.K.-based market and technology leader. In addition, Atlas Copco acquired Pneumatic Holdings Inc., a U.S. provider of pneumatic light construction tools; Dost Kompresör, a distributor and service provider of compressors in Turkey; and Synatec, a Germany-based company which provides quality improvement solutions mainly to the automotive industry.
In the quarter, Johan Halling was appointed as President of the Mining and Rock Excavation Technique business area.
Atlas Copco was once again included in business magazine Forbes’s list of the world’s 100 most innovative companies. “We are strongly focused on boosting customer productivity by being on the forefront of product innovation and service,” said Ronnie Leten. “It’s more important than ever.”
In the near term, the overall demand for Atlas Copco’s products and services is expected to remain at the current level.
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